The former NASCAR champion never wavered in his commitment to help bring the famed No. 43 back to Victory Lane despite obvious on-track struggles. After Boston Ventures took over controlling interest in June, Labonte agreed to a four-year contract extension believing the private equity firm had the financial resources to push Petty back to the top.

Then the economic crisis hit, crippling NASCAR's smaller teams. With no sponsorship in sight for 2009, and ongoing negotiations to merge Petty with Gillett Evernham Motorsports, Labonte made the difficult decision to leave the team and look for another ride.

"In over 15 years of racing in the Sprint Cup Series, I can't remember a time when the sport's landscape looks as it does today," Labonte, the 2000 Cup champion, said Thursday.

"I am, and will always be, very appreciative of what Richard Petty and the Petty family, every employee of Petty Enterprises and members of Boston Ventures did to invest in bettering my career the past three seasons."

But Labonte, who took 21 Cup victories and a title to Petty when he left Joe Gibbs Racing in 2006, never came close to duplicating his previous success. He had just 13 top-10 finishes and finished no higher than 18th in the final season standings.

But Petty, who won 200 races and a record seven Cup titles, praised Labonte's work.

"Bobby is a true champion who never failed to give everything he had when he was behind the wheel of one of our race cars," Petty said.

Labonte said he does not have a job lined up for next season, and Chip Ganassi's No. 41 is the only open ride with full-time sponsorship already secured. Ganassi recently partnered with Dale Earnhardt Inc., and has taken his time filling his vacant seat.

Still, testing the market apparently seemed safer than sticking with Petty Enterprises, which lost sponsor General Mills to Richard Childress Racing this year and has gone through two rounds of layoffs - at least 70 employees have been let go - since last month's season finale.

David Zucker, who took over as CEO at Petty, said the team is in exclusive negotiations with GEM to merge its No. 43 into that three-car organization. If a deal is not completed, Zucker said Petty would run the No. 43 as a single-car team in 2009.

"Gillett Evernham Motorsports is a first-class team with great drivers, sponsors and management," Zucker said in a statement. "We look forward to improved performance and maintaining the Richard Petty legacy, with 'the King' front and center."

The organization has been far from front or center over the last two decades, as the 60-year-old team fell far behind the competition. It took steps over the past few years to strengthen the organization, signing Labonte, creating a testing team and moving its shop from its longtime home in Level Cross to Mooresville to be closer to the NASCAR hub.

But sponsorship woes still hindered the team. Needing an infusion of cash, Richard Petty sold controlling interest to Boston Ventures. But the collapsing economy has painted a grim outlook for not only Petty Enterprises, but most of the small-budget teams.

Several hundred employees have been laid off since the Nov. 16 finale from various teams, and support from the Big Three auto manufacturers is in danger without a government bailout. Chrylser, Ford, and General Motors - who along with Toyota make up the four manufacturers in NASCAR - are in desperate need of financial help and their participation in NASCAR could hinge on it.